The optimism is spreading to oil markets, where traders are shrugging off the Russia/Saudi spat over the weekend, turning a blind-eye to the apparent reluctance of the US to be part of any deal. and completely ignoring the fact that today’s emergency virtual meeting has been pushed back until at least Thursday.
I know crude is trading a little lower this morning but Brent is still more than 35% off its lows and WTI 45%. Maybe I’m the one getting carried away but the weekend’s action strikes me as a major setback. It may be being helped by the overall lift markets are seeing as a result of the declining fatalies across Europe but that’s extremely premature for me. Oil is now loooking very shaky below.
I know crude is trading a little lower this morning but Brent is still more than 35% off its lows and WTI 45%. Maybe I’m the one getting carried away but the weekend’s action strikes me as a major setback. It may be being helped by the overall lift markets are seeing as a result of the declining fatalies across Europe but that’s extremely premature for me. Oil is now loooking very shaky below.
WTI Daily Chart
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